Colombo Stock Exchange Market Review – 03rd Jan 2017

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Colombo Stock Exchange Trade Summary 03-Jan-2017

Colombo Bourse extended losses on Tuesday with both indices closing on negative territory for the third straight session. ASI lost 33.75 index points or 0.5% to close at 6,159.12 while S&P SL 20 index edged 34.10 index points (-1.0%) lower to close at 3,438.40. The bearish sentiments were seen across the board with losers outweighing gainers 93 to 30. 71 shares remained unchanged.

John Keells Holdings dominated days’ trading, contributing nearly 71% of the turnover. The counter hit a low of LKR 138.10 but managed to close at LKR 139.00 (-0.7%). Among other blue-chips, Melstacorp (LKR 55.00, -5.2%), Hemas Holdings (LKR 96.20, -3.8%) and Aitken Spence (LKR 64.00, -6.6%) led losers while Carsons Cumberbatch (LKR 190.00, +9.3%) and Bukit Darah (LKR 289.90, +3.5%) closed higher on thin volume.

Market turnover was LKR 354mn. Top contribution of LKR 250mn came from John Keells Holdings which saw 1.2mn shares trading hands at LKR 138.50-139.00 per share. The next best contributions came from Sampath Bank (LKR 10mn) and Teejay Lanka (LKR 9mn).

Melstacorp extended its losing streak to the third day with share closing at LKR 55.00 down by 5.2%. During its first three-days of trading the counter has lost 20% from the indicative price of LKR 69.00. Further, Chevron Lubricants (LKR 155.50, -1.0%), Teejay Lanka (LKR 42.00, -1.2%) and Ceylon Grain Elevators (LKR 80.00, -2.4%) lost ground today amid relatively high level of trading activity.

Foreign investors were net sellers with a net foreign outflow of LKR 44mn. Top net outflows were seen in John Keells Holdings (LKR 52mn), Seylan Bank (LKR 5mn) and Teejay Lanka (LKR 2mn) while top net inflow was mainly seen in Sampath Bank (LKR 7mn). Foreign investor activity accounted for 24% of the market turnover.
Source: LSL